--- title: 5-Year U.S. Treasury Note Futures (ZF) Contract Specifications description: ZF product specs --- [Skip to content](https://help.metrotrade.com/kb/5-year-u.s.-treasury-note-futures-zf-contract-specifications#main-content) English Show submenu for translations [![MetroTrade](https://help.metrotrade.com/hs-fs/hubfs/logo3-1.png?width=225&height=39&name=logo3-1.png)](https://metrotrade.com/) Open main navigation Close main navigation - English Show submenu for translations - [MetroTrade.com](https://www.metrotrade.com/) [MetroTrade.com](https://www.metrotrade.com/) How can we help you? - There are no suggestions because the search field is empty. 1. [KnowledgeBase](https://help.metrotrade.com/kb?hsLang=en) 2. [Products & Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en) 3. [Contract Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#contract-specs) # 5-Year U.S. Treasury Note Futures (ZF) Contract Specifications #### What you're trading The CBOT 5-Year Treasury Note future (ZF) gives you exposure to the intermediate part of the yield curve through a contract deliverable against eligible U.S. Treasury notes with an original maturity of not more than 5 years 3 months and a remaining maturity of not less than 4 years 2 months from the first day of the delivery month. ZF is used to express views on the 3–5 year part of the curve, which is particularly sensitive to Fed policy expectations over a medium horizon, and it's a common leg in curve trades against ZN (10-year) or ZT (2-year). #### Contract size $100,000 face value of U.S. Treasury notes.  #### Tick value Minimum price fluctuation is one-quarter of 1/32 of a point ($7.8125 per contract). A full 1-point move equals $1,000 per contract, and a 1/32 move equals $31.25. #### Trading hours CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the 4:00–5:00 p.m. CT maintenance halt Monday through Thursday. Daily settlement at 2:00 p.m. CT. #### Settlement type Physically delivered against eligible Treasury notes. Contract months are March, June, September, and December. Trading terminates on the last business day of the delivery month. #### Margin snapshot ZF margin is lower than ZN because the 5-year has less duration (less price sensitivity per basis point move in yield). | **Initial margin (overnight)** | ~$1,500–$1,900 per contract (approximate; varies with volatility) | | --- | --- | | **Maintenance margin** | ~$1,400–$1,730 per contract | | **Day-trade margin** | Broker-set; often a fraction of overnight margin | | **Face value (reference)** | $100,000 per contract | *Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.* #### Related learning - CME official contract specifications: [5-Year U.S. Treasury Note Futures Contract Specs](https://www.cmegroup.com/markets/interest-rates/us-treasury/5-year-us-treasury-note.contractSpecs.html) - [10-Year U.S. Treasury Note (ZN)](https://www.cmegroup.com/markets/interest-rates/us-treasury/10-year-us-treasury-note.contractSpecs.html) - [2-Year U.S. Treasury Note (ZT)](https://www.cmegroup.com/markets/interest-rates/us-treasury/2-year-us-treasury-note.contractSpecs.html) - [CME initial margin requirements (all products)](https://www.cmegroup.com/clearing/margins/) - [MetroTrade intraday margin requirements](https://www.metrotrade.com/margins/) - [Account Information](https://help.metrotrade.com/kb/account-information?hsLang=en#main-content) - [Account Eligibility](https://help.metrotrade.com/kb/account-information?hsLang=en#account-eligibility) - [Account Management / Profile](https://help.metrotrade.com/kb/account-information?hsLang=en#account-management-profile) - [Account Statements & Reporting](https://help.metrotrade.com/kb/account-information?hsLang=en#account-statements-reporting) - [Funding & Withdrawals](https://help.metrotrade.com/kb/funding-withdrawals?hsLang=en) - [Pricing & Fees](https://help.metrotrade.com/kb/pricing-fees?hsLang=en) - [MetroTrader Platform](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#main-content) - [MetroTrader Web](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#metrotrader-web) - [MetroTrader App](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#metrotrader-app) - [Troubleshooting](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#troubleshooting) - [Margins & Trading Info](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#main-content) - [Margin & Risk](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#margin-risk) - [Trading Hours & Market Schedule](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#trading-hours-market-schedule) - [About MetroTrade](https://help.metrotrade.com/kb/about-metrotrade?hsLang=en) - [Products & Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#main-content) - [Product Information](https://help.metrotrade.com/kb/products-specs?hsLang=en#product-information) - [Contract Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#contract-specs) [![MetroTrade](https://help.metrotrade.com/hs-fs/hubfs/mt-fb-profile.png?width=50&height=50&name=mt-fb-profile.png "MetroTrade")](https://metrotrade.com) Chicago, IL USA [mailto:support@metrotrade.com](mailto:support@metrotrade.com) Copyright © 2026, MetroTrade